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http://dx.doi.org/10.5351/KJAS.2018.31.2.217

Spatial analysis for a real transaction price of land  

Choi, Jihye (Korea Appraisal Board)
Jin, Hyang Gon (Department of Statistics, Kyungpook National University)
Kim, Yongku (Department of Statistics, Kyungpook National University)
Publication Information
The Korean Journal of Applied Statistics / v.31, no.2, 2018 , pp. 217-228 More about this Journal
Abstract
Since the real estate reporting system was first introduced, about 2 million real estate transaction per year have been reported over the last 10 years with an increasing demand for real estate price estimates. This study looks at the applicability and superiority of the regression-kriging method to derive effective real transaction prices estimation on the location where information about real transaction is unavailable. Several issues on predicting the real estate price are discussed and illustrated using the real transaction reports of Jinju, Gyeongsangnam-do. Results have been compared with a simple regression model in terms of the mean absolute error and root square error. It turns out that the regression-kriging model provides a more effective estimation of land price compared to the simple regression model. The regression-kriging method adequately reflects the spatial structure of the term that is not explained by other characteristic variables.
Keywords
disclosure price; real transaction price; spatial regression analysis; spatial prediction;
Citations & Related Records
Times Cited By KSCI : 1  (Citation Analysis)
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